The Rise of Digital Payments in India
India is making waves in the world of digital payments! With annual growth rates of 50% over the past five years, the country has established itself as a leader in digital payment adoption. This is all thanks to the Unified Payments Interface (UPI) system, a unique real-time system that’s made payments faster and more convenient for businesses and consumers alike.
With about eight billion transactions worth nearly $200 billion carried out on the UPI in January alone, it’s clear that the system has become an integral part of daily life in India.
The Success of Digital Wallets in Driving UPI Adoption
Digital wallets have also played a significant role in driving UPI adoption. With their ease of use, customer-centric approach, and exciting partnerships, digital wallets have made digital payments more accessible and convenient.
Digital payments are now being made for even the smallest of transactions, deepening reliance on this system during the pandemic. The government has struck a balance between privacy and innovation, stating that individuals have the right to give consent for every transaction they undertake. The excitement of those who have converted to digital payments is palpable, making India’s digital infrastructure a beacon of hope for villages, small towns, and cities across the country.
What can the world learn from India’s real time payment adoption?
Other regions can learn from this and encourage their governments to support developing and adopting digital payment solutions. Finally, education has proved to be essential in powering the adoption of instant payments. Other regions can learn from this and invest in educating and creating awareness among their citizens about the benefits and safety of digital payment systems.
The US will launch FedNow in July as a game-changer for businesses looking to streamline their payment processes to customers, consumers, and employees, and to accelerate B2B transactions. But it’s not just businesses that will benefit. With faster payments now available, FedNow offers a much-needed solution for consumers looking for quicker and more efficient payment options.
How can FERO help?
Customer expectations and desires around digital payments are growing more and more, both in size and diversity. If a company wants to maximise the customer experience they need to recognise this change and service it. We at FERO can help you identify those needs and expectations from each individual customer and empower you to deliver a tailor made checkout/deposit experience that maximises conversion whilst reducing fraud and abandonment.